Arabian Pipes postpones EGM on lack of quorum

Arabian Pipes Co. said in a bourse statement on Tuesday that its extraordinary general meeting (EGM), slated for Oct. 26, was not held due to the lack of quorum.

Arabian Pipes will set a new EGM date after obtaining the necessary approvals, the statement added.

Shareholders were supposed to vote on amending Articles 3 and 4 on the company’s objectives, acquisition and partnership, Article 6 on the company’s term, and Article 13 on share buyback.

They were also set to vote on amending Articles 15 and 16 on capital increase and reduction, respectively, in addition to other amendments on the board remuneration and authorities, general assembly attendance, external auditor appointment, dividend distribution, and the company termination.